Undoubtedly, crypto currency has had a significant impact on the global economy. Now, Bitcoin consumes an estimated 150 terawatt-hours of electricity annually, which is more than the entire country of Argentina.
As the world rapidly digitizes, it is crucial to consider the environmental impact of our choices. Regarding cryptocurrency, eco-friendly options often favor more popular coins such as Bitcoin and Ethereum.
Suppose you are considering investing in digital currency but want to know what is most environmentally possible. Then, take a look at a cryptocurrency that is paving the way for sustainability.
Why do you need to invest in sustainable cryptocurrency?
Recently, there have been many shocking revelations about the environmental impact of corrupt currencies. Cryptocurrency can be the future of global finance and the economy. But given the environmental impact of crypto mining, many investors are hesitant to invest in the cryptocurrency market.
Reports indicate that the entire bitcoin mining industry is releasing carbon footprints. Large-scale energy consumption and electronic waste are part of the impact of cryptocurrency on the environment. But not every cryptocurrency uses a similar resource approach.
Nowadays, investors are moving towards more eco-friendly forms of transactions. This article has a list of the top 10 greenest cryptocurrencies.
Nano is a relatively new low-energy cryptocurrency that does not use mining. Nano uses “blockchain lattice” technology to create user blockchains for everyone on the Nano network so that each user has an account.
Transactions verify through open representative voting (ORV), with network members acting as validators. Users can make peer-to-peer transactions using their blockchains, saving time and energy because they do not need to use the primary network blockchain.
It does not have the same level of definition as the other cryptocurrencies on this list, which raises some concerns. But it also indicates that the Nano has more room to grow. It already tops our list as the lowest energy crypto currency with only 0.000112kWh.
Hedera is also a cryptocurrency with an energy consumption of approximately 0.001kWh. It operates on a proof-of-stack consensus method, ranking it 2nd on our list. The creators of Hedera are using their network to build sustainability projects, such as their power transition energy tracking software.
It could compete with large payment processors such as Visa in terms of transactions per second, using much less energy than bitcoins. Instead of processing everything one by one, transactions process simultaneously, making Hedera faster than previous cryptocurrencies such as bitcoins.
Algorand exists on a Proof of Stack consensus method with tremendous transaction speed, fewer fees, and availability. It enables the network to ensure smart contracts, which run most of its value, making it one of the competitors to Ethereum.
Algorand does not use mining. The network is trying to become a trailblazer in the sustainability of blockchain by creating a carbon-negative network. The platform becomes more accessible, scalable, and energy-efficient with 0.0002 kWh energy consumption; Algorand ranks 3rd on our list.
In April 2021, they said that their network was ultimately carbon neutral. It was built from the beginning to save energy and has committed to closing any emission gaps to reduce its environmental impact further.
Developed by one of Ethereum’s co-founders, Cardano uses a Proof of Stack consensus method built on a peer-reviewed blockchain. It is one of the world’s leading cryptocurrencies in market cap.
What makes Cardano different from Ethereum is that when investors buy Cardano, they become members of the network instead of mining new coins. It reduces the energy consumption per transaction by about 0.5 kWh.
Chia Network is a blockchain and intelligent transaction platform. Users can utilize the available hard drive space to run a decentralized network. It employs its desktop by providing downloadable software that pays users in Chia Tokens to run the platform on their hard drives.
Although Chia’s challenging drive-based “farming” process is not as eco-friendly as the other corrupt currencies on this list are. It is much less energy-intensive than the mining process of proof-of-work blockchains.
Chia relies on network proof-of-space time instead of proof-of-work. Hence, by storing a certain amount of data at a particular time, you can get XCH and Chia tokens.
This eco-friendly cryptocurrency is a green alternative to bitcoin. It encourages positive environmental behavior by rewarding consumers for sustainable coffee drinking, carpooling, and volunteering. It can trade on exchanges with bit green partners.
The preferred form of disruption to the Bit Green industry is financial incentives that could lead to policy changes. The project has a mobile wallet application that lets users trade coins and gets coins to participate in activities with a positive environmental impact.
Devvio is an enterprise blockchain services company that runs a platform called DevvX. The company recently completed a study showing that its platform uses 3.5 billion times less energy per transaction than Bitcoin & 347 million times less than Ethereum. Devvio said that this cryptocurrency could process up to eight million transactions per second.
The company said in a statement that use cases for DevvX include environmental, social, and governance measures, non-flammable tokens, identification, supply chain, and payments.
Holo is a relatively new project, a distributed peer-to-peer hosting platform for holochain applications. This cryptocurrency is gaining popularity. This popularity is mainly due to the network’s ability to empower anyone with a browser and interest in cryptocurrency.
Holo is ready to provide its customers with its blockchain. Each individual “agent” or “host” exists as their storage site and blockchain, receiving holo tokens in return.
IOTA cryptocurrency is not as volatile as many other tokens. It is good news for those who want more market and financial stability. It does not rely on blockchain. Instead, it uses an encrypted method of crypto authentication called Directed Acyclic Graph. DAG allows real-time transaction verification with low energy consumption.
MetaHash is a blockchain-based digital asset that can exchange networks. It operates on decentralized, open-source cryptocurrency Blockchain 4.0.
It claims a confirmation rate of fewer than three seconds per transaction.
It uses artificial intelligence (AI) to synchronize cross-continental nodes to create a better network map based on delay rates. According to its 2021 results report, MetaHash plans to implement intelligent tokens and bridges in a significant tool release.
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